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Jul 29, 2014

As Argentina stares down deadline, one group will make default call

July 29 (Reuters) – As Argentina’s options run out as the
clock ticks down to the deadline before a default, attention is
turning to the committee that makes the “official” call on such
matters – even though that call is really only for the benefit
of those investors who bought insurance in case of non-payment.

Argentina is out of legal options to avoid paying a
court-ordered $1.33 billion, plus interest, to the holdout
creditors who declined to restructure their bonds. If the
payments are not made, the country will have defaulted on its
debt obligations for the second time since it missed a payment
in January 2002 that affected roughly $100 billion in sovereign
debt.

Jul 29, 2014

Analysis – Argentine debt defiance may strengthen holdouts’ legal position

NEW YORK (Reuters) – Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital Management, are still waiting to collect a single penny or peso.

Argentina defied court-ordered demands to pay all its bondholders by a June 30 deadline, and a 30-day grace period runs out this week. Argentina says a payment to its trustee bank insulates it against charges it doesn’t pay its bills on time. It has described the holdouts as vultures and the judge who made the orders as unjust. The country has enough foreign currency to cover about five months’ worth of imports, and billions of dollars of debt coming due next year. Until it pays the holdouts, it will remain locked out of international capital markets.

Jul 29, 2014

Argentine debt defiance may strengthen holdouts’ legal position

NEW YORK (Reuters) – Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital Management, are still waiting to collect a single penny or peso.

Argentina defied court-ordered demands to pay all its bondholders by a June 30 deadline, and a 30-day grace period runs out this week. Argentina says a payment to its trustee bank insulates it against charges it doesn’t pay its bills on time. It has described the holdouts as vultures and the judge who made the orders as unjust. The country has enough foreign currency to cover about five months’ worth of imports, and billions of dollars of debt coming due next year. Until it pays the holdouts, it will remain locked out of international capital markets.

Jul 28, 2014

Argentina to hold last-gasp debt talks with mediator Tuesday

BUENOS AIRES/NEW YORK (Reuters) – Argentina on Tuesday will meet the U.S. mediator in its battle with ‘holdout’ debt investors suing the country for last-minute talks to avert its second default this century.

Mediator Daniel Pollack said in a statement on Monday he received a telephone call from the Argentine government advising him a delegation of technical, financial and legal representatives will meet him at 11 a.m. EDT (11.00 a.m. EDT) on Tuesday in his office. “I again urged direct, face-to-face conversations with the Bondholders, but that will not happen tomorrow,” Pollack said, referring to the holdout creditors.

Jul 28, 2014

Argentine debt mediator: no resolution, delegation returning to Argentina

NEW YORK/BUENOS AIRES (Reuters) – Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.

The Argentine delegation headed home to seek instruction from the government after the talks in New York, mediator Daniel Pollack said, while the country’s economy ministry underscored it would continue the dialogue with him over the next few days.

Jul 26, 2014

Factbox: Potential Argentine debt default looms as July 30 approaches

NEW YORK (Reuters) – Argentina, out of legal options to avoid paying a court-awarded $1.33 billion plus interest to holdout creditors who twice spurned a restructuring offer, has until July 30 to either pay them, negotiate a settlement or default.

The parties have not yet met face-to-face despite the addition of a court-appointed mediator who has warned time is running short for Argentina to avoid a default.

Jul 26, 2014

Potential Argentine debt default looms as July 30 approaches

NEW YORK, July 25 (Reuters) – Argentina, out of legal
options to avoid paying a court-awarded $1.33 billion plus
interest to holdout creditors who twice spurned a restructuring
offer, has until July 30 to either pay them, negotiate a
settlement or default.

The parties have not yet met face-to-face despite the
addition of a court-appointed mediator who has warned time is
running short for Argentina to avoid a default.

Jul 25, 2014

Argentina fails to reach breakthrough in debt mediator talks

NEW YORK/BUENOS AIRES (Reuters) – Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.

The Argentine delegation headed home to seek instruction from the government after the talks in New York, mediator Daniel Pollack said, while the country’s economy ministry underscored it would continue the dialogue with him over the next few days.

Jul 25, 2014

Argentine debt mediator says time running short for deal

NEW YORK (Reuters) – Less than a week before Argentina could default on its sovereign bonds, the government and holdout creditors have yet to meet face-to-face despite an urgent plea from the U.S. court-appointed mediator on Thursday that they start direct talks.

“The issues separating the parties remain unresolved at this time. The time for the Republic to avoid default (July 30) is short,” mediator Daniel Pollack said in a statement following three hours of shuttle diplomacy.

Jul 24, 2014

Argentina, holdouts meet in debt dispute with court appointee

NEW YORK, July 24 (Reuters) – Representatives for holdout
investors and Argentina in the country’s ongoing debt default
met for about three hours with a court-appointed mediator in New
York on Thursday, less than a week before Argentina could once
again default.

Several members of Argentina’s delegation left the Manhattan
office of special appointee Daniel Pollack around 3:30 p.m. EDT
(1930 GMT) but declined to comment on the talks. Edward
Friedman, a lawyer for Aurelius Capital Management, one of two
leading holdouts, emerged shortly after, also without
commenting.

    • About Daniel

      "I'm a New York-based global investment correspondent with over 20 years of experience covering financial markets, business and foreign policy. My current post lets me roam across all asset classes and geography, from the developed to the emerging markets. I've reported and taught business and economic journalism from Asia, Europe, Latin America and the United States. Prior to joining Reuters I was a producer at CNN Business News in New York."
      Joined Reuters:
      1997
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